Global Stevia Market to Grow at a CAGR of 10.7% in the Forecast Period of 2024-2032

The global stevia market is dominated by the Asia Pacific and Europe, which together account for more than three-fifths of the total stevia market. Within the Asia Pacific, China is the largest producer of stevia, while Japan is the leading consumer in the region, where stevia accounts for almost 40% of the sweetener industry. Europe, on the other hand, relies on stevia imports to produce stevia products. The global stevia market is being driven by the increasing health concern among the consumers who are demanding healthy products. In Latin America and North America, the other significant regions, the burgeoning rate of obesity and diabetes is further aiding the market. The governments in these regions are discouraging the use of sugar by implementing levies on sugar and sugary products, thus, propelling the market forward.

Rising health concerns coupled with consumers’ demand for products which taste great as well, further aids the global stevia market. In May 2020, Sweet Green Fields (SGF) and Tate & Lyle PLC (LON: TATE) introduced ZOLESSE Natural Flavor, a new innovation, formulated to deliver great taste and meet consumers’ demand for clean-label ingredients. With the increasing use of plant-based zero-calorie sweeteners to manufacture different products in the food and beverage sector, the market is witnessing a healthy growth. PureCircle, a major player in the global stevia market, announced on March 2020 that the company has received the approval to expand the use and applications of its next-generation stevia leaf sweetener -- Reb M – in Singapore to meet the rising demand of stevia-based products. Also, beverage giants like PepsiCo and Coca-Cola are increasing the production of stevia-based beverages to produce zero-calorie soft drinks, which have become quite popular among the consumers.

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Market Breakup by Extract Type, Application, and Region:

• Stevia, on the basis of extract type, can be divided into leaves, powder, and liquid form. 

• Stevia finds its application in different sectors like food and beverages, oral care, pharmaceutical, and tabletop sweetener, among others.

• The regional markets for the global stevia market are North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global stevia market is being driven by the increasing health concern, resulting in an increased demand for low-calorie products.

• The rising demand for natural or organic products over the artificial ones is aiding the market growth. 

• The strategies implemented by governments to promote sugar-substitutes due to increasing cases of diabetes and obesity are propelling the market forward.

• The steadily growing beverage sector, with the rising demand for energy drinks, is providing further impetus to the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global stevia market for the periods (2018-2023) and (2024-2032). The report offers historical (2018-2023) as well as forecast (2024-2032) information for the types, applications, and regional markets of stevia.

• The report also provides an assessment of the market based on Porter’s Five Forces model along with a SWOT and value chain analysis.

• An analysis of the regional price trends for the (2018-2023) and (2024-2032) periods has also been provided within the report.

The major players in the global stevia market are Layn Corp., Cargill, Incorporated, Archer Daniels Midland Company, Ingredion Incorporated, Tate & Lyle PLC, and Sunwin Stevia International, Inc, among others. The report provides the market share, capacity, and latest developments like mergers and acquisitions, capacity expansions, and plant turnarounds of the major players.

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